"It has been the preserve of banks,"
"You go to your bank to take currency, foreign exchange out from your bank, or you take a travel card that is issued by your bank when you're traveling overseas ... there have been humongous charges which have been levied on this."
"We can deliver the kind of customer experience that we want to deliver,"
Indians spend about $30 billion overseas annually and incur roughly $600 million in bank charges on cross-border transactions. Cross-border payments have been dominated by banks, which often impose large fees on currency exchange and travel cards. Revolut acquired Arvog Forex in 2022 to obtain licensing for remittance and multi-currency accounts, and secured a prepaid payment instrument license enabling issuance of prepaid cards, digital wallets, and integration with UPI. Revolut targets more than 150 million digitally native Indians aged 25–45, aims to onboard about 20 million users by 2030, and plans to process at least $7 billion in transactions.
Read at TechCrunch
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